you mean to say $50 per notes?
that's 50% discount.
Why would the bank get their debt swapped for 100% and noteholders get our debt swap for 50%
regardless. $50 swap is still good considering that the notes are selling for $2.70 at the moment.
In any case, i think shareholders will be heavily diluted. noteholders will come out winning.
BNB
babcock & brown limited
bnb equity for debt swap implication for bnbg, page-5
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